It'll be the biggest downtown construction project in years and will include what will be the largest downtown office tower in more than a decade. It's called
Queen City Square and its impact on jobs and the region's economy could be as towering as the 41 stories of its planned signature skyscraper, the Great American Building, a new analysis finds. By the time it's finished, expected to be 2011, the project will generate an annual economic impact of $1.66 billion throughout the Greater Cincinnati region, the report predicts. A total of 8,655 jobs will be created or retained, with annual earnings of $388 million.
The report, put together by the
University of Cincinnati’s Economics Center for Education and Research, sees several phases of economic impact. The construction phase, which is expected to start this summer and end in 2011, should generate $715 million for the region's economy through an estimated 5,388 jobs and $3.7 million in earnings taxes for the City of Cincinnati. Once development is complete, $7.7 million in annual tax revenues should flow to the city and Cincinnati Public Schools. The development is expected to lead to more renovation and construction in the neighborhood, which would likely include converting some office properties to condominiums or apartments. This would lead to increased property values and an increased demand for retail and entertainment locations, the report says.
The report didn't calculate the intangible effect of a landmark addition to the Cincinnati skyline, designed by Gyo Obata, founding partner of
Hellmuth, Obata + Kassabaum (HOK), one of the world’s largest architectural firms. But that should be significant. "As the tallest building in the city, and the first high-rise office tower since the early 1990s, the Great American Building at Queen City Square will increase the strength and image of downtown’s business core," says Mario San Marco, president of Eagle Realty Group, the real estate subsidiary of Western & Southern Financial Group that is developing the project.
Writer: David Holthaus
Source: Jose Marques, Eagle Realty Group
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